Do I Qualify for Pre Settlement Loans?
Pre settlement loans are very much what they sound like: a loan that is granted before you settle your lawsuit. However, pre settlement loans aren’t your traditional loan – they work much more like a cash advance.
With this type of funding, lawsuit loan companies won’t run a credit check or employment verification. They won’t ask for collateral and they won’t even ask for monthly payment. So you can use your cash as you see fit, and hang on financially until your settlement or jury award comes through.
What are pre settlement loans?
In a nutshell, pre settlement loans allow plaintiffs to borrow against a future settlement or verdict. In other words, if you are currently involved in personal injury or similar litigation, and you need cash now, you can trade a part of your future settlement for funds today. Pre settlement loans are different from post settlement loans in that they are granted before you even win your case. We’re betting on your success.
Lawsuit loan companies offer cash advances on your pending case, but without the sky-high interest! Known as a non-recourse loan, this type of funding doesn’t require you to beg the bank for cash or jump through financial hoops like credit checks; instead, your cash advance is based only on the likelihood of winning your case.
Who qualifies for pre-settlement loans?
Plaintiffs involved in many types of litigation may qualify for a pre settlement loan. Some of the most common cases eligible for a cash advance include birth injury, medical negligence, wrongful death, motor vehicle accidents, and slip and fall accidents. There are four main criteria that make you eligible:
- Your attorney works on contingency: In other words, if you do not win your case your attorney doesn’t get paid.
- Personal injury: Your case must involve a personal injury claim.
- The defendant can pay: The defendant(s) in your lawsuit must have the ability to pay a potential settlement (or adequate insurance).
- Lawyer collaboration: We’ll need your lawyer’s help to approve your cash advance, and your attorney must also agree to repay LawStreet Capital from your future settlement or jury verdict.
Choosing lawsuit loan companies
There are many lawsuit loan companies today, but at LawStreet Capital we firmly believe we are the best choice. We are a direct lender, which means we can offer lower rates and can get your money to you fast. We also promise absolutely no hidden fees, as well as the lowest interest rates in the industry. And we work at lightening speed: after we speak to your lawyer, we can overnight the funds to your bank account.
We don’t believe in the hard sell. Taking out pre settlement or post settlement loans is an important decision, so please take your time. When you’re ready, you can start by filling out the easy application to the right of your screen or by calling one of our helpful representatives toll-free at 800-345-8500.